Benthos Announces Third Quarter Profit.Business Editors/High-Tech Writers NORTH FALMOUTH Falmouth, town, England Falmouth (făl`məth), town (1991 pop. 17,810), Cornwall, SW England, on a small peninsula between Falmouth Bay and Carrick Roads estuary. , Mass.--(BUSINESS WIRE)--July 31, 2003 BENTHOS benthos: see marine biology. , INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : BTHS BTHS Brooklyn Technical High School BTHS Barth Syndrome BTHS Bartram Trail High School (Jacksonville, Florida) BTHS Brick Township High School (New Jersey) ) today reported financial results for the third quarter and first nine months of fiscal 2003 ended June 30, 2003. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the quarter were $4,406,000, compared to sales of $6,132,000 in the third quarter of the previous fiscal year. Net profit for the quarter was $26,000, or $0.02 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to a net profit of $349,000, or $0.25 per diluted share, in the third quarter of fiscal 2002. For the first nine months of fiscal 2003, net sales for the Company were $13,177,000, compared to $14,445,000 in the first nine months of last year. The net loss for the first nine months of fiscal 2003 was $249,000, or ($0.18) per share, compared to a net loss of $221,000, or ($0.16) per share, in the first nine months of fiscal 2002. Sales in the TapTone Package Inspection Systems Division in the third quarter of fiscal 2003 were $1,754,000, a 19.9% increase over sales of $1,463,000 in the third quarter of fiscal 2002. In the Undersea Systems Division, third quarter 2003 sales were $2,652,000, a 43.2% decrease compared to sales of $4,669,000 in the same period last year. The decrease in sales in the Undersea Systems Division is primarily attributable to a large, multi-million dollar order for remotely operated vehicles Remotely operated underwater vehicles (ROVs) is the common accepted name for tethered underwater robots in the offshore industry. ROVs are unoccupied, highly maneuverable and operated by a person aboard a vessel. (ROVs) in the third quarter of fiscal 2002 which was not repeated in the third quarter of fiscal 2003. Commenting on today's announcement, Ronald L. Marsiglio, Benthos President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said, "We are pleased to announce a profit in the third quarter of fiscal 2003. Although it was not as profitable as the prior year, which benefited from a large ROV ROV Remotely Operated Vehicle ROV Real Options Valuation ROV Return on Value ROV Range of View ROV Rostov, Russia - Rostov (Airport Code) ROV Roll-Over Valve (automotive fuel tanks) ROV Range of Value shipment, we are encouraged by the progress in product margins. Gross profit increased from 37.4% to 40.4% in the current quarter of fiscal year 2003 as compared to the third quarter of fiscal year 2002. During the first nine months of fiscal 2003 gross profit, as a percent of sales, increased from 34.2% to 38.7% as compared to the first nine months of last year. Sales in the quarter were lower than our expectations primarily due to a delay in the introduction of the new geophysical ge·o·phys·ics n. (used with a sing. verb) The physics of the earth and its environment, including the physics of fields such as meteorology, oceanography, and seismology. products that were slated for shipment in the third quarter. It is anticipated that the first shipments will now occur in the fourth quarter of fiscal year 2003. The current quarter of fiscal 2003 was the seventh consecutive quarter to show increased sales over the prior year's quarter for our TapTone Package Inspection Systems Division. TapTone sales have benefited from the successful launch of the T500-F Force Sensor that began shipping in the second quarter of this year. The T500-F is used to inspect nitrogen-dosed and carbonated car·bon·ate tr.v. car·bon·at·ed, car·bon·at·ing, car·bon·ates 1. To charge (a beverage, for example) with carbon dioxide gas. 2. To burn to carbon; carbonize. 3. To change into a carbonate. containers. As new customers in the food and beverage F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. industries embrace this exciting new technology, the opportunity also exists to expand sales of other TapTone core products into these industries." Benthos, Inc., through its Undersea Systems Division, designs, manufactures, sells and services a variety of oceanographic products for underwater Underwater 1. The condition a call option is in when its strike price is higher than the market price of the underlying stock. 2. The condition a put option is in when its strike price is lower than the market price of the underlying stock. tasks; and through its TapTone Package Inspection Systems Division makes systems for testing consumer packages made of glass, metal or plastic. The common stock of the Company is traded on the Nasdaq SmallCap market under the symbol BTHS. For more information, Benthos can be found on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at www.benthos.com. Forward Looking Statements The statements in this news release and in oral statements which may be made by representatives of the Company relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc plans, strategies, economic performance and trends and other statements that are not descriptions of historical facts are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Federal Securities Laws. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors which include: the timing of large project orders, competitive factors, shifts in customer demand, government spending Government spending or government expenditure consists of government purchases, which can be financed by seigniorage, taxes, or government borrowing. It is considered to be one of the major components of gross domestic product. , economic cycles, availability of financing as well as the factors described in this news release, including anticipated growth of our TapTone Package Inspection and geophysical product lines and the progress of lean manufacturing Lean manufacturing is the production of goods using less of everything compared to mass production: less human effort, less manufacturing space, less investment in tools, and less engineering time to develop a new product. training techniques. Should one or more of these risks or uncertainties materialize ma·te·ri·al·ize v. ma·te·ri·al·ized, ma·te·ri·al·iz·ing, ma·te·ri·al·iz·es v.tr. 1. To cause to become real or actual: By building the house, we materialized a dream. , or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those described herein as anticipated, believed, estimated, expected or intended.
Benthos, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands, except per share amounts)
(unaudited)
June 30, September 30,
Assets 2003 2002
Current Assets:
Cash and Cash Equivalents $ 13 $ 76
Accounts Receivable, Net 2,231 2,871
Inventories 3,149 3,210
Refundable Income Taxes 0 393
Prepaid Expenses and Other Current Assets 109 148
Deferred Tax Asset 1,115 1,500
Assets Held for Sale 187 ---
Total Current Assets 6,804 8,198
Property, Plant and Equipment, Net 1,397 1,599
Goodwill 576 576
Acquired Intangible Assets, Net 516 695
Other Assets, Net 509 521
$ 9,802 $ 11,589
Liabilities and Stockholders' Investment
Current Liabilities:
Current Portion of Long-Term Debt $ 786 $ 786
Line of Credit 350 400
Accounts Payable 1,459 1,866
Accrued Expenses 1,274 1,503
Customer Deposits and Deferred Revenue 278 540
Total Current Liabilities 4,147 5,095
Long-Term Debt, Net of Current Portion 1,702 2,292
Stockholders' Investment:
Common stock, $.06 2/3 Par Value-
Authorized - 7,500 Shares
Issued - 1,653 Shares at June 30, 2003
and September 30, 2002 110 110
Capital in Excess of Par Value 1,569 1,569
Retained Earnings 2,905 3,154
Treasury Stock, at Cost- 270 shares at
June 30, 2003 and September 30, 2002 (631) (631)
Total Stockholders' Investment 3,953 4,202
$ 9,802 $ 11,589
Benthos, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
Quarter Ended Nine Months Ended
June 30, June 30,
2003 2002 2003 2002
Net Sales $4,406 $6,132 $13,177 $14,445
Cost of Sales 2,625 3,836 8,076 9,499
Gross Profit 1,781 2,296 5,101 4,946
Selling, General & Administrative
Expenses 1,205 1,374 3,745 3,897
Research and Development Expenses 444 304 1,267 997
Amortization of Acquired Intangibles 60 60 179 179
Income (Loss) from Operations 72 558 (90) (127)
Interest Income 2 2 2 2
Interest Expense (48) (62) (161) (192)
Profit (Loss) before Provision
(Benefit) for Income Taxes 26 498 (249) (317)
Provision (Benefit) for Income
Taxes -- 149 -- (96)
Net Income (Loss) $ 26 $ 349 $ (249) $ (221)
Basic Income (Loss) Per Share $ 0.02 $ 0.25 $ (0.18) $ (0.16)
Diluted Income (Loss) Per Share $ 0.02 $ 0.25 $ (0.18) $ (0.16)
Weighted Average Common Shares
Outstanding 1,383 1,383 1,383 1,383
Weighted Average Common Shares
Outstanding, Assuming Dilution 1,391 1,416 1,383 1,383
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